Former ABS-CBN Chairman Eugenio “Gabby” Lopez III is seeking a board seat at publicly listed Lopez Holdings Corporation during its September 14 annual stockholders’ meeting, shortly after his family branch divested its holdings in the parent firm.
Gabby is among eight family members competing for positions on the company’s seven-member board, which includes three designated slots for independent directors.
The nominate family members include:
- Federico “Piki” Lopez (Lopez Holdings Chairman and CEO)
- Mark Lopez (Lopez Holdings Vice Chairman and ABS-CBN Chairman)
- Rafael Lopez (Lopez Inc. Chairman)
- Benjamin Lopez (First Philippine Holdings Vice Chairman)
- Catherine Lopez (ABS-CBN Finance Vice President)
- Mercedes Lopez Vargas (FPH Director)
- Miguel Lopez (FPH Director)
- Gabby Lopez (Former ABS-CBN Chairman)
A total of 17 candidates are vying for the limited board seats following the resignations of independent directors Roberto Panlilio and Consuelo Garcia in May.
Seven nominees are competing for the three independent director positions, including incumbent Michael Jack Garcia, Ma. Rosario Fatima Labay, Kesterson Kua, Rafael Andrada, Emmanuel de Dios, Nestor Vasay, and Cirilo Noel.
Gabby’s board bid follows the recent sale of Crème Investment Corporation’s—his family branch’s holding firm—entire 25.68% stake in Lopez Inc. to San Miguel Corporation Chairman Ramon S. Ang, who acquired the shares in a personal capacity for an undisclosed amount.
Addressing the transaction, Gabby noted that the divestment aimed to resolve ongoing intra-family litigation:
“This dispute has not been good for any of us, or for the people who work in our companies,” Gabby stated. “This allows us to take a step towards the restoration of family peace.”
Despite the sale, Gabby’s group remains involved in the conglomerate’s operations. Crème and two affiliated Lopez holding entities recently committed ₱2.2 billion toward ABS-CBN’s ₱6-billion capital raising effort, alongside ₱3.5 billion from I&C Holdings Corporation.
Lopez Inc. maintains majority control of Lopez Holdings with a 54.74% stake, while First Philippine Holdings holds a 15.76% beneficial interest.